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Claiming at Age 62 May Be Exactly the Wrong Decision
The decision on when to claim your Social Security benefits is often confusing, and a majority of people end up claiming as soon as they become eligible at age 62. Unfortunately, that can be exactly the wrong time to claim.…
Avoiding Social Security “Surprises”
Social Security is a pretty complex program, and making your claiming decision without understanding the ramifications of doing so could mean some surprises in retirement. Among the potential surprises are that your Social Security may be taxable income and that…
How to Reduce Your Future Reliance on Social Security
The latest report from the Social Security Trustees, just released about a week ago, has caused a bit of concern for those who will rely on Social Security when they retire (which is, of course, most Americans). It’s important to…
Fears about Social Security Trust funds should not prompt you to claim benefits early
The news about the Social Security Trust fund facing depletion sooner than the last year’s projection has many people worried. Many Americans are asking how will my benefits be affected? The Trustees’ report states the funds will only be able…
Claiming your benefits early may affect your spousal benefits
The Bipartisan Budget Act of 2015 changed the rules for those individuals born after January 1, 1954, when applying for spousal benefits. The confusion is, “if your spouse is not already receiving benefits and you are applying for yours early,…
Second-order effects of expanding access and participation in public retirement savings plans
Thomas Hawkins writing for 401K Specialist, explores the unintended effects of retirement savings public policies. What does he mean? “Some retirement savings public policies can seem like a sure thing; however, these “first-order” effects are inevitably followed by “second-order” effects,…
You may want to have a strategy now
The Social Security Trustees’ report was released this week, and it has some people worried. Why? According to the 2021 Social Security Trustees’ annual report, they are projecting the depletion date of 2033, one year sooner than last year’s projection.…
Health consequences of postponing retirement
A recent study found continuing to work longer in life is protective against cognitive decline, and those who postpone retirement boast stronger thinking skills than their retired counterparts. An analysis of the U.S. Health and Retirement Study on more than…
Qualifying for Social Security spousal benefits — even if you’re divorced
Many people are confused about spousal benefits even though they could be an essential part of their Social Security benefits. The spousal benefit can be as much as half of the worker’s “primary insurance amount,” depending on the spouse’s age…
The Fair COLA for Seniors Act of 2021
Social Security currently adjusts payments annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). However, since CPI-W has wage earners in mind, most people receiving Social Security are no longer in the workforce, and…